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Fed Tightens Again, With More Coming, To Contain Inflation; No Surprise In Hike, Outlook; With U.S. growth strong, and core inflation still low, "measured' moves ahead.(A)
Byline: KIRK SHINKLE
Another meeting, another quarter-point rate hike.
The Federal Open Markets Committee raised the fed funds rate 25 basis points to 4%. It's the 12th straight move since June 2004.
The Fed's unanimous statement held no meaningful shift in policy, painting the economy as solid with inflation in check despite high energy costs. Fed Gov. Mark Olson, a rare dissenter at the Sept. 20 meeting, returned to the fold.
Policymakers continued to worry over the impact of still-high energy costs on the rest of the economy despite a recent pullback in oil prices.
But productivity and output are expected to rebound from hurricanes Rita and Katrina, with rebuilding efforts supporting the economy in the future.
In short, expect the final months of Alan Greenspan's tenure to look just like the last year and a half. The Fed will continue to adjust monetary policy at a "measured pace" until the current "accommodation" is removed, the statement said.
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